In Russia, the port of Novorossiysk has resumed oil loading after a recent Ukrainian attack. This is reported by UNN with reference to Reuters.
Details
The port of Novorossiysk, which is Russia's largest port on the Black Sea, as well as the neighboring Caspian Pipeline Consortium terminal temporarily suspended oil exports on Friday, November 14. As a result, global oil prices jumped by more than 2%.
Novorossiysk accounts for about a fifth of Russian oil exports, and a prolonged closure would force oil wells in western Siberia to shut down. This would significantly reduce the volume of oil supplied to world markets by the world's second-largest exporter.
At the same time, in October of this year, 3.22 million tons of Russian crude oil, or 761,000 barrels per day, were shipped at the port of Novorossiysk. Also, in October of this year, 1.794 million tons of petroleum products were exported, Reuters reports.
Recall
On the night of November 14, Novorossiysk was attacked by drones. They damaged the oil terminal at the "Sheskharis" transshipment complex and caused a fire.